Fighting with thoughts!
Published on Monday, October 12th, 2009 at 10:20 AMAuthor: stockalert (2026 Articles)
US stocks hit new year highs on Friday and the August IIP data is expected to be strong
If you want peace, stop fighting. If you want peace of mind, stop fighting with your thoughts.
It’s a season of festivities and joy but the bulls are lacking enthusiasm. The only words of enthusiasm seem to be coming from Anil Ambani who seeks to end disputes with Mukesh Ambani. Back to the market, a flat start is in the offing. US stocks hit new year highs on Friday and the August IIP data is expected to be strong. But, Asian markets are indecisive and choppy. A holiday-curtailed week on account of state elections and a Diwali weekend could mean lower volume on the domestic side.
Technical and derivative indicators are pointing to some caution amid mixed prospects for the economy and corporate earnings. Since making multi-month highs, the market has been struggling to build on the seven-month rally. Barring last week, the global markets too have been largely sluggish. Though the Alcoa result and few data points did perk up the mood on Wall Street, it remains to be seen whether the momentum can continue.
The overall trend may remain volatile and uncertain in the near-term. There may be a small correction but the same could spark off buying by those who have been feeling left out for quite some time. The upside will hinge on the India Inc.’s report card, local economic data, global cues and of course fund flows.
Results Today: Axis Bank, DCB, Exide Industries, HDFC, Praj Industries and Sintex Industries.
FIIs were net sellers in the cash segment on Friday at Rs442.7mn on a provisional basis. The local funds were net buyers at Rs867.2mn, according to figures published on the NSE’s web site. In the F&O segment, the foreign funds were net sellers at Rs16.12bn.
Source : India Infoline
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